Gold Hangs On $1300 As G7 Beefs

Gold futures were flat Friday as tensions flared between long-time allies ahead of the G7 summit in Canada.

President Trump blasted Canada and the EU for tariffs he says the world has ignored.

"Canada charges the U.S. a 270% tariff on Dairy Products! They didn't tell you that, did they? Not fair to our farmers!", Trump tweeted.

"Why isn't the European Union and Canada informing the public that for years they have used massive Trade Tariffs and non-monetary Trade Barriers against the U.S. Totally unfair to our farmers, workers & companies. Take down your tariffs & barriers or we will more than match you!"

"Prime Minister Trudeau is being so indignant," he also tweeted.

French President Macro snapped back: "The six countries of the G-7 without the United States are a bigger market taken together than the American market. There will be no world hegemony if we know how to organize ourselves. And we don't want there to be one."

August gold settles at $1,302.70/oz, down 30 cents for the session. Gold was up 0.3% for the week.